Valeant launches hostile $53B bid for Allergan

Valeant Pharmaceuticals said Wednesday it has launched a tender offer for Allergan, the maker of Botox, taking its hostile bid directly to shareholders.

The cash and stock offer values Allergan Inc. at around $53 billion, and it expires Aug. 15.

Allergan said it will review the offer and said shareholders shouldn't take action on the right now.

Valeant, which is based in Canada, has teamed up with Bill Ackman's Pershing Square Capital Management to try to purchase Allergan. The two companies went public with their takeover attempt in April and have increased their original bid of about $45.6 billion several times.

Allergan, of Irvine, California, has said the latest offer is still too low.

Ackman—whose Pershing Square is Allergan's biggest —is also moving to replace most of Allergan's board.

On Tuesday Valeant Pharmaceuticals International Inc. said it planned to take a buyout offer directly to Allergan shareholders this week.

Allergan shares rose $1.74 to $162.27 in morning trading. Valeant stock added 13 cents to $119.

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Valeant planning hostile bid for Allergan

Jun 17, 2014

Valeant plans to take a buyout offer for Allergan directly to its shareholders this week, as the Botox maker continues to rebuff its proposals that have risen as high as $53 billion.

Recommended for you

Errata frequently seen in medical literature

19 hours ago

(HealthDay)—Errata, including those that may materially change the interpretation of data, are frequent in medical publications, according to a study published in the August issue of The American Journal of ...

Seven US-based researchers share $1.3M eyesight prize

Sep 10, 2014

Seven U.S.-based researchers are sharing a €1 million ($1.3 million) prize from a Portuguese foundation for their work developing treatment for angiogenic diseases of the retina, the leading cause of blindness in the developed ...

User comments